The NZD/USD pair initially tried to rally during the week, but found enough resistance above to turn things around and form a less than stellar candle.
The NZD/USD pair initially tried to rally during the week, but found enough resistance above to turn things around and form a less than stellar candle. Ultimately, a breakdown below the bottom of the candle for the week should send this market lower. At this point, I believe that the sellers are still in control, although we have seen quite a bit of bullish pressure. With this, I believe the US dollar continues to strengthen in general, and the New Zealand dollar of course will be susceptible to that pressure.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
